Fitch affirms Storebrand

Fitch Ratings said it affirmed Storebrand Livforsikring's long-term issuer default rating at BBB, along with Storebrand ASA's long-term issuer default rating at BBB-.

Storebrand is Storebrand Livforsikring's ultimate parent company.

The outlook is stable.

Fitch also said it affirmed Storebrand Livforsikring's subordinated debt issues at BB+ and Storebrand's senior unsecured debt at BB+.

The ratings reflect the Storebrand group's resilient performance in 2011 despite difficult market conditions, Fitch said.

Strong capital adequacy and the soundness of the Norwegian economy also support the ratings, the agency said.

Offsetting factors include the group's exposure to a low interest-rate environment, volatile financial results and the expectation of depressed earnings, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.